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El efecto de los impuestos a las transacciones financieras en la estabilidad de los mercados de capital. Un debate sin resolver

Author

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  • Alonso, Miguel A.

    (Universidad Rey Juan Carlos de Madrid)

  • Rallo, Juan Ramón

    (Universidad Rey Juan Carlos)

  • Romero, Alberto

    (Universidad Rey Juan Carlos)

Abstract

This paper analyzes the current debate on the effectiveness and impact of financial transaction taxes (FTT). Despite their regular use in several G-20 countries, there remain unexplained many aspects related to their impact on the stability of financial markets. Thus, although the academic literature tends to agree on the adverse effects of FTT on the trading volume and the value of financial assets, this is not the case in relation to their impact on short-term and long-term price volatility, the price discovery process, and the informational efficiency of financial markets.// El presente artículo analiza el debate en torno de la efectividad y las repercusiones de los impuestos a las transacciones financieras (ITF). A pesar de su uso habitual en varios países del G-20, quedan sin explicar muchos aspectos relacionados con su efecto en la estabilidad de los mercados financieros. Así, aunque la bibliografía académica suele coincidir en los efectos adversos de los ITF en el volumen de operaciones y el valor de los activos, no ocurre lo mismo en relación con sus repercusiones en la volatilidad de los precios a corto y a largo plazos, el proceso de descubrimiento de precios y la eficiencia informativa de los mercados.

Suggested Citation

  • Alonso, Miguel A. & Rallo, Juan Ramón & Romero, Alberto, 2013. "El efecto de los impuestos a las transacciones financieras en la estabilidad de los mercados de capital. Un debate sin resolver," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(317), pages 207-231, enero-mar.
  • Handle: RePEc:elt:journl:v:80:y:2013:i:317:p:207-231 DOI: http://dx.doi.org/10.20430/ete.v80i317.87
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    References listed on IDEAS

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    Keywords

    impuestos a las transacciones financieras; tasa Tobin; especulación financiera; volatilidad de precios; crisis financieras; modelos de agentes heterogéneos; controles de capitales;

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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